Wheels India Limited Stock Forecast
Wheels India Limited stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Wheels India Limited stock price gained 1.36% on the last trading day (Wednesday, 24th Apr 2024), rising from ₹587.85 to ₹595.85. During the last trading day the stock fluctuated 2.69% from a day low at ₹587.20 to a day high of ₹603.00. The price has been going up and down for this period, and there has been a -1.1% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 26 thousand more shares were traded than the day before. In total, 51 thousand shares were bought and sold for approximately ₹30.61 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -11.46% during the next 3 months and, with a 90% probability hold a price between ₹464.54 and ₹554.00 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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WHEELS.NS Signals & Forecast
The Wheels India Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹582.51 and ₹592.90. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 6.08%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Wheels India Limited stock
Wheels India Limited finds support from accumulated volume at ₹594.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹15.80 (2.69%) between high and low. For the last week, the stock has had daily average volatility of 2.39%.
Our recommended stop-loss: ₹564.57 (-5.25%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 27 days ago.)
Trading Expectations (WHEELS.NS) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Wheels India Limited to open at ₹595.35, and during the day (based on 14 day Average True Range), to move between ₹578.64 and ₹613.06, which gives a possible trading interval of +/-₹17.21 (+/-2.89%) up or down from last closing price. If Wheels India Limited takes out the full calculated possible swing range there will be an estimated 5.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹594.90 (0.16%) than the resistance at ₹631.70 (6.02%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wheels India Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.950 Buy Candidate Upgraded
Predicted Opening Price for Wheels India Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ₹595.35 ( 0.0839%) | ₹595.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WHEELS.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 611.15 | 2.57 % | |
| R2 | 605.11 | 1.55 % | ||
| R1 | 601.39 | 0.93 % | ||
| Current price: | 595.85 | |||
| Support | S1 | 589.31 | -1.10 % | |
| S2 | 585.59 | -1.72 % | ||
| S3 | 579.55 | -2.74 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 666.70 | 11.89 % | |
| R2 | 634.95 | 6.56 % | ||
| R1 | 631.70 | 6.02 % | ||
| Current price | 595.85 | |||
| Support | S1 | 594.90 | -0.159% | |
| S2 | 584.95 | -1.83% | ||
| S3 | 561.70 | -5.73% |
WHEELS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 12, 2023 | Jul 12, 2023 | Jul 12, 2023 | ₹3.97 | 0.493% |
| 2 | Feb 14, 2023 | Feb 14, 2023 | Feb 14, 2023 | ₹3.00 | 0.565% |
| 3 | Jul 05, 2022 | Jul 05, 2022 | Jul 05, 2022 | ₹8.30 | 1.30% |
| 4 | Jul 27, 2021 | Jul 27, 2021 | Jul 27, 2021 | ₹1.00 | 0.102% |
| 5 | Jun 17, 2020 | Jul 22, 2020 | Aug 28, 2020 | ₹2.65 | 0.599% |
FAQ
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